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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2192
Experience:  IRS licensed Enrolled Agent and tax instructor
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I have depreciation and amortization rental property I

Customer Question

I have depreciation and amortization for a rental property I placed in service multiple years ago. Do I need to still file form 4562?
Submitted: 5 months ago.
Category: Tax
Expert:  emc011075 replied 5 months ago.
Hi. My name is ***** ***** I will be happy to help you. You need 4562 only in the first your year you use the property in business. For instance if you started renting your house in 2001, in 2004 you replaced a roof and in 2013 your bought new appliances, you would need to file form 4562 in 2001, 2004 and 2013. You do not need to use it in 2002 - 2003 or 2005 - 2012. You can still continue claiming the depreciation on schedule E but 4562 is not required every.
Customer: replied 5 months ago.
I noticed that there is an error on form 4562 that put my prior year depreciation on line item 16(ARCS) instead of line 17(MARCS deduction for asserted placed in previous tax years). Schedule E is correct. I did submit form 4562 with my return even though it was previous year depriciation. What should I do if anything? Dollar amount is correct just ended up on wrong line.
Expert:  emc011075 replied 5 months ago.
As long as the deduction on Schedule E is correct I wouldn't try to fix it. IRS may not even notice. And if somebody do you can easily fix it later. As long as all your depreciation you are claiming is from prior years you are entitled to it.
Customer: replied 5 months ago.
Thanks! Schedule E is definitely. With that in mind if line 16 and 16 accidently got crossed and they pick it up what would I need to fix since the dollar amount is correct? Or would they just not do anything?
Expert:  emc011075 replied 5 months ago.
You prepare a correct form, write amended across the top or mail it. But I doubt it will be necessary.
Customer: replied 5 months ago.
Last question, do I have to file form 4562 if I have amortization that started in a previous year. Example, amortization started in tax year 2011, would I have to file form 4562 for tax year 2012?
Expert:  emc011075 replied 5 months ago.
No. Only in 2011 unless you start depreciating something else in 2012. You only need 4562 if you purchase a new property and taking first year depreciation for that property.

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